155 East Tropicana, Llc (1326688) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2006

155 East Tropicana, Llc

CIK: 1326688

Exhibit 99.1



Las Vegas, NV — March 26, 2007 — 155 East Tropicana, LLC (the “Company”) today announced full year operating results for the period ended December 31, 2006.  The Company owns the Hooters Casino Hotel in Las Vegas, Nevada, which celebrated its grand opening on February 2, 2006.

Operating highlights of 155 East Tropicana, LLC for the fourth quarter ended December 31, 2006, compared to the combined results of operations for 155 East Tropicana, LLC and Hôtel San Rémo Casino and Resort (“Hôtel San Rémo”) for the fourth quarter of 2005, are as follows:

-                    Net revenues were $16.8 million during the fourth quarter compared to net revenues of $4.4 million in the fourth quarter of last year

-                    Adjusted EBITDA was $2.4 million in the fourth quarter 2006, which compares to a loss of $2.1 million in the same quarter last year, but more significantly, represents an encouraging sequential increase from Adjusted EBITDA of $1.7 million in the third quarter of 2006.

“During the fourth quarter of 2006, we continued to cut costs and to implement new initiatives designed to increase our slot play and hotel occupancy,” stated Mr. Neil Kiefer, Chief Executive Officer.  “As is normal with opening a new gaming property in Las Vegas, we have remained focused on driving efficiencies at the property.   Our new Chief Operating Officer, Gary Gregg and his team recently completed a thorough review of operations and are now preparing to launch several additional programs that should enhance performance in 2007.”

Prior to the grand opening, renovation and re-branding, the Hooters Casino Hotel was formerly known as the Hôtel San Rémo.  Through October 31, 2005, the Company leased the hotel and casino to Eastern & Western Hotel Corporation, the former owner and operator of the Hôtel San Rémo.  The Company then assumed operational responsibility for the hotel and casino on November 1, 2005, after receiving its state gaming license.  For comparative purposes, a separate balance sheet and statement of

The following information was filed by 155 East Tropicana, Llc on Thursday, March 29, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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155 East Tropicana, Llc's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools
CIK: 1326688
Form Type: 10-K Annual Report
Accession Number: 0001104659-07-024829
Submitted to the SEC: Mon Apr 02 2007 3:29:25 PM EST
Accepted by the SEC: Mon Apr 02 2007
Period: Sunday, December 31, 2006
Industry: Miscellaneous Amusement And Recreation

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